London jumped ahead of New York and Hong Kong in the luxury homes market last year, research by Knight Frank shows.
Sales of homes in the prime London market – properties priced between $2m and $5m – rose to 6,250, double the level in Manhattan and triple the level in Sydney and Hong Kong. Sales of ultra-prime properties – those priced above $5m – totalled 1,638 in the capital, outpacing sales of 796 in Manhattan and 258 in Sydney.
Knight Frank’s head of research, Liam Bailey, expects the London luxury property market to continue its dominance over New York for around another decade, although New York could reclaim the top spot by 2024.
The Guardian, p. 3
